Personal Loan Eligibility and Documents for Salaried Person

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Published on : May 09, 2024

Picture this: You want to buy your dream car, but your current savings plan feels miles away from making it a reality.

Salaried employees often face this dilemma: a steady income provides stability, but unexpected expenses or long-term goals can sometimes feel out of reach. In such situations, a personal loan can offer quick financial help to bridge the gap between dreams and current resources.

Let’s understand the eligibility criteria and documents required to secure a personal loan for a salaried person, helping you take control of your financial health.

Personal Loan Eligibility Criteria for Salaried Employees

To apply for a LoanTap personal loan for salaried employees, you need to meet the following requirements.

  • Indian Citizenship is required
  • Minimum age should be 23 years
  • Employment with any public, private, or LLP organization is necessary
  • Should have been at the current job for at least one year
  • The minimum monthly salary must be ₹30,000
  • Credit score of 700 or higher

List of Documents Required for Salaried Person

You must submit documents to apply for a personal loan. Below is the list of documents required for a salaried person.

Identity Proof

  • PAN card
  • Aadhaar card
  • Driving License

Address Proof

  • Electricity bill, rent agreement or Indian passport

Income proof

  • Latest salary slip from the current employer

Bank account statement

  • Original bank statement for the last 6 months in PDF format

Employment proof

  • Offer letter
  • Monthly salary slip
  • Copy of the employment contract

Tips to Improve Personal Loan Eligibility for Salaried Person

If you want to apply for a personal loan, we have some tips that might help improve your eligibility.

Maintain a High Credit Score

Personal loans are unsecured; therefore, lenders make sure that you can repay them before lending you funds. Your credit score is an indicator of your creditworthiness. You can maintain a high credit score by avoiding late payments, regularly checking your credit score and solving if there are any discrepancies.

Maintain a Low Debt-to-Income Ratio

Another important factor that lenders consider is your debt-to-income ratio, which calculates the difference between your entire monthly loan obligations and your monthly income. Pay attention to debts like credit card balances that have the highest interest rates. Your total monthly commitments can be decreased by paying off these loans first. Prevent Acquiring New Debt: Avoid taking on new debt that would raise your monthly payments while you are trying to lower your DTI.

Choose the Right Loan Amount

Accurately evaluate your loan requirements and request a loan amount that fits your ability to repay the loan. Applying for a loan amount that’s too high could lead to rejection because it raises concerns regarding your ability to repay the loan.

Conclusion

Salaried people can increase their chances of loan approval by understanding the eligibility criteria and the documents required. Choosing a reputable lender like LoanTap, with a transparent application process and competitive rates, will make a big difference.

With a focus on customer satisfaction and efficient service delivery, LoanTap is an excellent choice for salaried individuals needing a personal loan. It offers convenience and reliability.

FAQs

If I don’t make my personal loan repayment, what happens?

Ans. If you don’t repay your loan EMIs on time, it can negatively impact your credit score. You may also have to pay a late fee, and in extreme cases with no resolution, the lender may take legal action against you. It’s best to repay your EMIs on time to avoid any hassles while taking a loan in the future.

How much time does it take to process an application for a personal loan?

Ans. The loan processing time may vary from lender to lender. LoanTap generally takes 24 hours to process the loan.

What documents are required to apply for a personal loan as a salaried individual?

Ans. Commonly required documents include proof of identity, address, income proof (such as salary slips or bank statements), and employment proof.

If I already have loans or credit card debt, can I still apply for a personal loan?

Ans. Yes, although your current financial commitments may impact the total amount of the loan and your eligibility.

Are there any employment tenure requirements for personal loan eligibility?

Ans. Yes, the employment tenure requirement may vary from lender to lender. Generally, salaried individuals must have a minimum employment tenure of 6 months to 1 year with their current employer.



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